UAB and its athletics foundation will both contribute annually to a salary that will make Bill Clark one of the highest-paid coaches in Conference USA in a contract extension approved Monday.

Starting Dec. 1, Clark's annual base salary will jump to $985,000 with $180,000 of that coming from the UAB Athletics Foundation according to a contract obtained by AL.com. Clark's annual salary will increase over the life of the contract that runs through 2023, topping off at an annual base salary of $1.265 million starting in Dec. 2021.

The University of Alabama System's compensation committee officially approved the extension Monday after it was agreed to in principle on Nov. 3. Clark, who had a base salary of $605,000 before the extension, will be the third-highest paid coach in CUSA once the raise kicks in. Clark also received a $45,000 signing bonus and saw an increase in performance-based incentives.

"Coach has done such a tremendous job and we wanted him to know we wanted him here," UAB athletic director Mark Ingram told AL.com. "Bill and I have had a lot of good conversations about that. This didn't happen overnight."

In addition to win-based bonuses -- he'll receive $25,000 for six wins and $30,000 for seven wins, for example -- he will also receive significant bonuses if he wins Conference USA Coach of the Year (35,000) or national coach of the year ($50,000). In the midst of a remarkable 7-3 season in UAB's first season since 2014, Clark has earned national recognition as a possible coach of the year.

The new contract includes an increase in the buyout Clark will have to pay if he leaves UAB. Here's the breakdown of what he'll owe if he leaves before his contract ends:

If before Jan. 1, 2019 -- $1.015 million

If between Jan. 1, 2019 and Dec. 31, 2019 -- $975,000

If between Jan. 1, 2020 and Dec. 31, 2020 -- $930,000

If between Jan. 1, 2021 and Dec. 31, 2021 -- $750,000

If between Jan. 1, 2022 and Dec. 31, 2022 -- $500,000

If he leaves after Jan. 1, 2023, he will not owe the school any buyout.

On the flip side, UAB will pay Clark in monthly installments based on the remaining years on his contract if he's fired without cause. That includes his full base salary -- both what UAB and the UAB Athletics Foundation pay -- and the pay he receives for promotional and television work. His buyout will be mitigated if he accepts a job elsewhere during the remainder of his contract.

Clark, who arrived at UAB from Jacksonville State in 2014, has a career 13-9 record guiding the Blazers. He went 6-6 in his first season before the program was shuttered Dec. 2014 for a six-month stretch. He previously agreed to a contract extension in Sept. 2015 that bumped up his salary and bonus incentives as UAB worked to get its program ready for the 2017 season.

John Talty is the college sports editor for Alabama Media Group. Follow him on Twitter @JTalty.